Income-tax return filing deadline extended to 15 September
New Delhi: India's apex direct tax policy making body has extended to 15 September the income-tax return filing due date for the assessment year 2025-26 (FY2024-25) for those who do not need to get their accounts audited. The Central Board of Direct Taxes (CBDT), an arm of the Union finance ministry, announced the decision in a statement on Tuesday. Usually, the deadline for filing I-T returns falls on 31 July.
The deadline for filing the returns has been extended because the digital ITR forms are being changed this year, which require more time to update the tax systems and release the necessary filing software, the CBDT said. Experts said typically, the software utilities are made available early in April. To be sure, the forms have been notified but have not been updated in the filing software.
This year's ITR forms have undergone significant revisions to boost transparency and simplify taxpayer compliance. They require more disclosures on tax-saving investments, house rent allowance (HRA), and tax deducted at source (TDS) on non-salary incomes.
Alongside, compliance has been eased on assets and liabilities reporting. Those with long-term capital gains (LTCG) of up to ₹ 1.25 lakh from stocks and equity mutual funds can now opt for the simpler ITR-1, Mint reported on 7 May.
Tax experts have welcomed the move.
'Given the complexity and increased reporting requirements in the revised ITR forms, including more granular disclosures of capital gains, foreign income, and asset ownership, the extension offers much-needed relief to taxpayers,' said Sandeep Sehgal, partner-tax at AKM Global, a tax and consulting firm.
The additional time, Sehgal added, is intended to facilitate a smoother transition to the new compliance regime, allowing taxpayers to correctly interpret the updated requirements, and ensure accurate and complete return filings.
Sonu Iyer, partner and national leader, people advisory services-tax at EY India, said the ITR forms notified for the FY 2024-25 (AY 2025-26) incorporate the amendments introduced by Finance Act 2024 and have enhanced reporting requirements.
Coming to the aid of middle-class tax payers, in the budget 2025-26, the government announced that there will be no income tax payable up to income of ₹ 12 lakh–average income of ₹ 1 lakh per month other than special rate income such as capital gains–under the new regime. This limit will be ₹ 12.75 lakh for salaried tax payers, due to standard deduction of ₹ 75,000.
Also, in budget 2025-26, finance minister Nirmala Sitharaman rationalized the TDS by reducing the number of rates and thresholds above which it is applied. Further, threshold amounts for tax deduction have been increased for better clarity and uniformity.
Tax policy reforms are geared to widen the tax base, detect undeclared income through data matching and promote digital compliance.
The Income Tax department collected ₹ 22.26 trillion in direct taxes after adjusting for refunds in the financial year ended March 2025, recording an annual growth of 13.57%, as per official data.
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